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Build a virtual 7.1 surround device, even though you don't have the built-in hardware.
LoopBeAudio v.1.0 LoopBeAudio is a virtual audio device to transfer audio between computer programs, digitally, without any quality loss. Virtual Audio Stream v.1.0 Four virtual stereo cables and a dedicated effect rack. Virtual Audio Recorder v.1.0 Soundcard recording made easy. You can record all sound in your operating system from its recording device. TVT Virtual Audio Device v.1.8 TVT Virtual Audio Device install a playback device and a recording device on your PC. Virtual Audio Streaming v.3.0 A virtual sound card that lets you broadcast/record/connect all kinds of sounds. Thus, you can record and process output of almost any audio application by almost any other audio application. It's like a sound card with hardwired input and output. Virtual Audio Cable v.4.60 VAC is intended to connect several audio applications together in real time. Also, it required absolutely no setup or fiddling to get it to work. That program had no traces of the lag that was plaguing me, and it was free too. I uninstalled Virtual Audio Cable, and installed the free VB-Audio Cable which is an alternative to Virtual Audio Cable. Instead, it completely silenced anything sent through the virtual cable. Even the buffering feature designed with the express purpose of preventing this choppy lag failed. Literally nothing worked, and the lag only got worse. I tried all the fixes suggested, and even fiddled with some of the internal "advanced" settings. I then googled the problem related to Virtual Audio Cable and discovered others had the same problem. I googled this problem related to Ventrilo and VLC, and tried all the solutions, but nothing worked. Every few seconds or so, the audio would lag and get choppy.
I recently bought this software after seeing it on alternativeTo, and created a virtual cable between VLC and Ventrilo, two latency-free applications, for anyone unfamiliar with them.